Item 5. Market for Registrant’s Common Equity
ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Market for Our Common Shares
Our common shares trade on the NYSE under the trading symbol “CVEO”.
Holders of Record
As of February 24, 2023, there were 21 holders of record of Civeo common shares.
Dividend Information
We do not currently pay any cash dividends on our common shares. The declaration and amount of all dividends will be at the discretion of our Board of Directors and will depend upon many factors, including our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements of our business, covenants associated with certain debt obligations, legal requirements, regulatory constraints, industry practice and other factors the Board of Directors deems relevant. We can give no assurances that we will pay a dividend in the future.
The preferred shares we issued in the Noralta Acquisition were entitled to receive a 2% annual dividend on the liquidation preference (initially $10,000 per share), paid quarterly in cash or, at our option, by increasing the preferred shares’ liquidation preference, or any combination thereof. Quarterly dividends were paid in-kind beginning June 30, 2018 through December 12, 2022, thereby increasing the liquidation preference to $10,982 per share as of December 12, 2022. We repurchased 40% of the outstanding preferred shares on October 30, 2022, which included accrued cash dividends for the month of October 2022 of under $0.1 million. On December 13, 2022, the holders of the preferred shares converted all outstanding preferred shares into approximately 1.5 million common shares. Following such conversion, no further dividends are required to be paid. For further information, see Note 16 - Preferred Shares to the notes to the consolidated financial statements included in Item 8 of this annual report.
Performance Graph
The share price performance shown on the graph is not necessarily indicative of future price performance. Information used in the graph was obtained from Research Data Group, Inc., a source believed to be reliable, but we are not responsible for any errors or omissions in such information.
The following performance graph and chart compare the cumulative total return to holders of our common shares with the cumulative total returns of the Standard & Poor's 500 Stock Index, Philadelphia OSX and with that of our peer group, for the period from December 31, 2017 to December 31, 2022. The graph and chart show the value, at the dates indicated, of $100 invested at December 31, 2017 and assume the reinvestment of all dividends, as applicable.
Our peer group consists of the following:
Badger Daylighting Ltd. Nine Energy Service, Inc.
Black Diamond Group Limited North American Construction Group
Dexterra Group Oil States International, Inc.
Enerflex Ltd. Precision Drilling Corporation
Exterran Corporation Select Energy Services Inc.
Forum Energy Technologies, Inc. Target Hospitality Corp.
Matrix Service Company Tetra Technologies, Inc.
McGrath RentCorp
Total Energy Services Inc.
Newpark Resources, Inc.
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12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22
Civeo Corporation $ 100.00 $ 52.38 $ 47.25 $ 42.43 $ 58.52 $ 94.93
S&P 500 $ 100.00 $ 95.62 $ 125.72 $ 148.85 $ 191.58 $ 156.89
PHLX Oil Service Sector $ 100.00 $ 54.78 $ 54.48 $ 31.56 $ 38.10 $ 61.53
Current Peer Group $ 100.00 $ 76.45 $ 89.83 $ 79.54 $ 107.71 $ 119.46
The performance graph above is furnished and not filed for purposes of the Securities Act and the Exchange Act. The performance graph is not soliciting material subject to Regulation 14A.
Unregistered Sales of Equity Securities and Use of Proceeds
None.
Repurchases of Registered Equity Securities by Registrant or its Affiliates in the Fourth Quarter
In August 2022, our Board of Directors authorized a new common share repurchase program to repurchase up to 5.0% of our total common shares which are issued and outstanding, or 685,614 common shares, over a twelve month period. We have not repurchased any shares under this repurchase program as of December 31, 2022.
ITEM 6. Reserved
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